The overall rating reflects the current state of the app. It accounts for all app reviews but prioritizes the most recent ones.
We have a niche very small business and reached out to this company ahead of applying to ask questions about their approval process. We received a reply that completely ignored our questions and instead just vigorously encouraged us to apply instead. We were quickly denied service, after application, with no reason given. Ultimately a good thing, since we will not want to do business with a completely impersonal company that shows themselves to be untrustworthy.